Switching mortgage products doesn’t always mean switching lenders. In many cases, you can avoid the hassle of providing affordability proofs, property valuations, and legal conveyancing costs by opting for an internal product switch with your current lender (writes Howard Reuben, Principal, HCH Financial Services).
Many lenders offer internal product switches that are faster and, in some cases, more cost-effective. However, not all internal switches provide the best rates available. In some instances, other lenders may offer lower rates and fees. Additionally, not all lenders deal directly with borrowers – many require applications for new mortgages, remortgages, and product switches to be processed exclusively through brokers.
That said, when time is of the essence, a swift product switch can be invaluable. One of the main reasons borrowers opt for a quick switch is to avoid rolling onto their lender’s standard variable rate (SVR), which can be significantly higher. Below, you’ll find a table highlighting some of the high SVRs that borrowers may inadvertently move onto.
At HCH Financial Services, we provide access to a broad range of holiday let mortgage lenders and their internal switch products. Whether you're looking for a fixed rate, discount, tracker, or flexible fee structures, we help you find the best available options.
Latest best-value holiday let mortgage product switch options
Lender | Product type | Rate | Initial period | Arrangement fee | Revert rate |
Furness Building Society | Discount | 4.87% | 24 months | £995 | 8.39% |
Monmouthshire Building Society | Discount | 5% | 24 months | £1,499 | 8.14% |
Monmouthshire Building Society | Fixed rate | 5% | 24 months | £1,499 | 8.14% |
Bath Building Society | Fixed rate (also available to limited company borrowers) | 5.03% | 60 months | £0 | 7.79% |
Furness Building Society | Fixed rate | 5.04% | 60 months | £995 | 8.39% |
Cambridge Building Society | Expat discount | 5.24% | 24 months | £0 | 8.79% |
Keen to organise a holiday let mortgage? Contact the HCH Financial Services team today:
Call: 0333 1234 536
Email: advice@hchfs.com
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